Jacobs Levy Equity Management Inc. Sells 73,451 Shares of Mueller Industries, Inc. $MLI

Key Points

• Jacobs Levy Equity Management Inc. sold 73,451 shares of Mueller Industries, Inc., reducing its stake by 24.8%, and now holds a total of 222,837 shares valued at approximately $16.97 million.
• Several hedge funds, including Nuveen LLC and AQR Capital Management LLC, have significantly increased their investments in Mueller Industries during the same quarter.
• Mueller Industries has announced a quarterly dividend of $0.25, payable on September 19th, with a dividend yield of 1.0% and a payout ratio of 15.87%.

Jacobs Levy Equity Management Inc. lessened its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 24.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 222,837 shares of the industrial products company's stock after selling 73,451 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.20% of Mueller Industries worth $16,967,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC boosted its position in shares of Mueller Industries by 103.1% in the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock worth $25,000 after buying an additional 168 shares during the period. Brooklyn Investment Group raised its holdings in Mueller Industries by 267.3% during the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock valued at $29,000 after buying an additional 278 shares in the last quarter. Wayfinding Financial LLC bought a new position in Mueller Industries during the first quarter valued at about $34,000. Opal Wealth Advisors LLC bought a new position in Mueller Industries during the first quarter valued at about $40,000. Finally, Point72 Hong Kong Ltd bought a new position in Mueller Industries during the fourth quarter valued at about $53,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Stock Performance

Shares of Mueller Industries stock traded up $0.40 during trading on Friday, reaching $99.27. The company's stock had a trading volume of 325,046 shares, compared to its average volume of 981,550. The business's fifty day moving average price is $90.11 and its 200-day moving average price is $81.26. The firm has a market cap of $10.99 billion, a price-to-earnings ratio of 15.76 and a beta of 1.05. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $99.24.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.34. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.Mueller Industries's quarterly revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a $0.25 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Mueller Industries's payout ratio is 15.87%.

Insiders Place Their Bets

In related news, Director John B. Hansen sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total value of $91,970.00. Following the completion of the transaction, the director owned 92,664 shares in the company, valued at $8,522,308.08. The trade was a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.70% of the stock is owned by company insiders.

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.